May 28th, 2010
As foreclosed homes continue to accumulate will banks decide to rent these homes?
Instead of having to pay property tax as the owners(banks) will banks rent the house and make money or short sell it and lose money?
Hard to believe they will have solvency paying billions in property taxes. In the long run they should have lowered everyones interest rate so the people could keep their dignity and their home.
Banks fault. The one that has made out big are the builders. They received their full payments no problem.
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Filed under: Rent Property
The short answer is no. They won’t rent them out.
A bank doesn’t want to be a landlord. They aren’t set up for it. They need the loan off of their balance sheet (they keep a certain percentage of their portfolio in cash to protect their solvency) and these loans gum up their ability to attract new investment and make new loans.
good luck!
Hey David, you have asked a very good question, I advise you to give this site a look up. It is great for addressing questions such as your own. Good luck.